For fear of losing money, some individual debtors choose to file bankruptcy on their own without realizing that they would have been better off with the help of a Bankruptcy Lawyer. Find out how beneficial a bankruptcy lawyer can be when filing for bankruptcy, and how this professional legal entity could ease all the hassles, which come along with the bankruptcy legal process.
It is recommended that individual debtors filing for bankruptcy connect with a bankruptcy lawyer. The ultimate reasons of hiring a bankruptcy lawyer to take up your bankruptcy case are clearly defined hereafter.
1- Bankruptcy Lawyers as Legal Consultants
When filing for bankruptcy, bankruptcy attorneys are the best people to refer to. First of all, the bankruptcy lawyer should answer all of your questions.
They will help you determine which of the bankruptcy types, whether Chapter 7 liquidation or Chapter 13 repayable plan will best address your debt case, subsequent to filling out a bankruptcy case evaluation form. The bankruptcy attorney is able to help you avoid a bankruptcy fraud, which under the US Bankruptcy Code; it is serious offense that can lead to individual debtors’ prosecution.
Your bankruptcy lawyer will brief you on the meetings you will be having with the trustee, will go over sample questions that may be asked at the meeting.
Ultimately, the bankruptcy attorney can refer you to an accredited Debtor Education Course, which is required by the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, though, you can easily buy such form online.
2- Bankruptcy Lawyers as Legal Representatives
Upon completion of your credit counselling session, and submission of a list of necessary personal data, the bankruptcy lawyer will re-examine your debt situation and prepare a bankruptcy appeal on your behalf. The bankruptcy lawyer will file the appeal in a local bankruptcy court. Subsequent to that, an ‘Automatic Stay’ comes into effect; this is to prevent your creditors from carrying on with any further lawsuit against you.
Bankruptcy Lawyers Fees
You might probably consider hiring a bankruptcy lawyer to take up your case; therefore wish to know what their charges for such services are. Bankruptcy lawyers fees generally vary between $1,700 and $3,000 depending on the state in which you reside, and on your bankruptcy debt situation. Some bankruptcy lawyers will want you to make an advance payment prior to taking up your case, whilst some will accept that you pay on instalment. Nonetheless, you can still find bankruptcy lawyers, who are willing to assist you for free if your financial situation does not allow you to.
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